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Old July 2nd, 2019, 12:04 PM   #1
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KHAZANAH NASIONAL | Sovereign wealth fund | Est. 1993

Khazanah Nasional
Main Office: Level 33, Tower 2, Petronas Twin Towers
www.khazanah.com.my
Quote:
Owner: Government of Malaysia
Parent: Malaysian Ministry of Finance
Subsidiaries:
  • CIMB Group
  • Telekom Malaysia
  • Axiata Group
  • Astro Malaysia Holdings
  • Tenaga Nasional
  • TIME dotCom
  • Malaysia Airports
  • IHH Healthcare
  • Malaysia Airlines
  • UEM Group
Khazanah Nasional Berhad is the sovereign wealth fund of the Government of Malaysia, entrusted with growing the nation's long-term wealth via distinct commercial and strategic objectives. Khazanah's commercial objective is to grow financial assets and diversify revenue sources for the nation, while its strategic objective is to hold strategic assets that bring long-term economic benefits. Khazanah is guided by its investment philosophy which emphasises attaining appropriate risk-adjusted financial returns, generating sustainable returns, and integrating ethical and responsible investing considerations.

Khazanah is a member of the International Forum of Sovereign Wealth Funds, which maintains and promotes the Santiago Principles on best practices in managing sovereign wealth funds. It is also a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI), signatory of the Malaysian Code for Institutional Investors and a member of the Institutional Investor Council Malaysia (IIC), member of FCLTGlobal (Focusing Capital on the Long Term), and signatory of the Malaysian Anti-Corruption Commission’s (MACC) Corporate Integrity Pledge.


Quote:
International Forum of Sovereign Wealth Funds
MEMBERS FROM ASIA



China: China Investment Corporation
Korea: Korea Investment Corporation
Malaysia: Khazanah Nasional Berhad
Singapore: GIC Private Limited
Timor-Leste: Timor-Leste Petroleum Fund

https://web.archive.org/web/20160927...wf.org/members
Quote:
Khazanah OFFICES:
Khazanah Nasional Consulting (Beijing) Company Limited
Khazanah India Advisors Private Limited
Khazanah Turkey Regional Office
Khazanah Americas Inc
http://www.khazanah.com.my/Contact
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Old July 2nd, 2019, 12:07 PM   #2
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Khazanah appoints three new board members
Syahirah Syed Jaafar July 01, 2019 16:34 pm +08

Quote:
KUALA LUMPUR (July 1): Khazanah Nasional Bhd announced today To’ Puan Azian Mohd Aziz, Professor Xiao’ou Tang and Lau Seng Yee's appointments to the Malaysian sovereign wealth fund's board of directors, effective Wednesday (June 26).

In a statement, Khazanah said Azian is the head of advisory division at the Attorney General’s Chambers of Malaysia, while Tang, who is the founder of artificial intelligence company SenseTime, is also a professor at The Chinese University of Hong Kong.

Lau is currently with Tencent Holding Co Ltd, where he is senior executive vice president and chairman of group marketing and global branding, according to Khazanah.

"Khazanah welcomed the new members at its board meeting today, and looks forward to continue working closely with the board, led by our chairman Y.A.B. Tun Dr Mahathir Mohamad, in delivering on our mandate as the sovereign wealth fund of Malaysia," Khazanah said.
https://www.theedgemarkets.com/artic...-board-members
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Old July 2nd, 2019, 12:10 PM   #3
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Khazanah asset sales set to pick up
The Edge Malaysia/The Edge Singapore
July 01, 2019 14:49 pm +08


Quote:
In an interview with The Edge Malaysia in February, Shahril Ridza Ridzuan, who was appointed managing director of Khazanah Nasional last August, disclosed that the company had divided its assets into two baskets — commercial and strategic.

This was the first time Khazanah publicly classified its assets as such, and its listed assets alone are worth around RM80 billion ($26.1 billion).

Its commercial assets, which make up 70% of its portfolio, can be fully or partially divested at the right price at the right time, while its strategic assets such as Malaysia Airlines (MAB) will be kept, even if they lose money, in the national interest (see our Cover Story “Man with a new mandate”, *Issue 1254, Feb 18).

Three months before the interview, Khazanah had sold a 16% stake in IHH Healthcare to Mitsui & Co for RM8.42 billion, leaving it with a 26% equity interest that is worth RM13.13 billion today. Mitsui is now IHH’s bigger shareholder with a 32.9% stake.

The quick sale of the IHH stake came as a surprise, as under its previous management, Khazanah had painstakingly built the premium healthcare provider into a major regional medical service company over a few years.

But RM8.42 billion is a lot of money. When asked about the sale in the February interview, Shahril said, “The divestment is part of Khazanah’s strategy to grow the businesses that we have invested in and to find the appropriate time and value to create liquidity for our future capital and investment needs.”

The message was clear. Khazanah will sell part or all of its non-strategic assets to raise cash either to pay dividends to its shareholder, the government of Malaysia, or to fund strategic assets that are bleeding red ink, such as MAB (see our Cover Story “Will Khazanah’s assets be sold to reduce government debt?”, Issue 1223, July 16, 2018).

To put things in perspective, Khazanah suffered a loss before tax of RM6.27 billion in 2018 compared with a profit before tax of RM2.89 billion the previous year.

As at Dec 31, 2018, the sovereign wealth fund had RM136 billion in realisable asset value (RAV), down from RM157 billion at end-2017, and net worth adjusted (NWA) of RM91 billion, down from RM116 billion at end-2017.

The market downturn last year had clearly impacted Khazanah’s portfolio. Indeed, had the fund sold its 16% IHH stake earlier, it could have got more for it. And with the ongoing US-China trade war and market uncertainty, it does make sense for Khazanah to sell some of its commercial assets now before prices fall further.

As at July 2018, Khazanah’s core listed assets were worth RM84.5 billion. Today, the same assets are worth about RM80 billion.

According to a source, Khazanah’s current strategy is to discontinue playing the parent’s role of running the companies it controls.

In an email response to questions from The Edge Malaysia, a Khazanah spokesperson says: “As we’ve publicly said before, we are restructuring our portfolio in line with our refreshed mandate. In this regard, Khazanah’s key transitional priorities in the next five years include rebalancing our Commercial Fund and developing our Strategic Fund. A recent example of efforts to restructure our portfolio is the partial divestment of our shareholding in IHH Healthcare. Proceeds from the divestment will be utilised for new investments and capital requirements. We will announce any new investments and divestments as and when appropriate.”

UEM Group assets could be divested next

Sources familiar with Khazanah tell The Edge Malaysia that there have been active discussions involving assets that are part of UEM Group, for example, listed companies such as UEM Edgenta and UEM Sunrise, and unlisted UEM Builders, Cement Industries of Malaysia (CIMA) and highway operator PLUS Malaysia. “There’s much going on,” says a source.

When asked about its divestment plan, UEM Group says in an email response: “UEM Group, the infrastructure arm of Khazanah Nasional Bhd, is currently undertaking a restructuring exercise that will see it becoming a more commercially viable investment holding company, one that empowers its subsidiaries to maximise their value and potential through greater autonomy, focus and agility. The restructuring exercise will also see UEM Group developing a business model that best suits its capabilities and being in a better position to deal with the changing markets and expectations.

“UEM Group is always looking at both investment and divestment opportunities for its assets, but only if the valuation is right.”

UEM Group’s past divestments include Pharmaniaga and Touch ‘N’ Go Sdn Bhd in 2010.

The group is basically Khazanah’s infrastructure and property arm, whose listed assets include UEM Sunrise, in which it has 66.06% equity interest. At its close of 82 sen on June 26, UEM Sunrise had a market capitalisation of RM3.68 billion. At a 20% premium, the group’s 66.06% stake in UEM Sunrise is worth RM2.92 billion. If the group were to sell 51% of the stake at a 20% premium, it would set the buyer back by RM1.49 billion. It is also noteworthy that UEM Sunrise’s net asset value per share as at March 31 was RM1.57, which means the company’s current share price is less than 55% of its NAVPS.

In the first three months of FY2019, UEM Sunrise registered a net profit of RM30.1 million on revenue of RM419.26 million.

It was previously reported that Jakel Group could be eyeing UEM Sunrise, but given the soft condition of the property market, any acquirer would need considerable financial muscle.

Another listed company is UEM Edgenta, whose core business is hospital support and hotel management services. UEM Edgenta ended trading at RM2.66 on June 26, giving the company a market capitalisation of RM2.21 billion. UEM Group’s 69.14% stake in the company is worth RM1.61 billion, but at a 20% premium, it could fetch RM1.93 billion.

In its first three months of FY2019, UEM Edgenta recorded a net profit of RM32.66 million on revenue of RM515.88 million.

About four years ago, UEM Builders was said to be up for grabs and companies such as Malaysian Resources Corp were said to be eyeing it. However, there has been very little news about UEM Builders since then.

In its financial year ended Dec 31, 2017, the company reported a profit after tax of RM25.67 million on revenue of RM303.63 million.
https://www.theedgemarkets.com/artic...sales-set-pick
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Old July 2nd, 2019, 12:11 PM   #4
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Old July 15th, 2019, 08:07 PM   #5
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Khazanah made good profits after 14 years investing in Saudi's utilities
By NST Business - July 15, 2019 @ 7:30pm
Quote:
KUALA LUMPUR: Khazanah Nasional Bhd says it divested its 40 per cent stake in Malaysian Shoaiba Consortium Sdn Bhd for a "healthy profit" as the project was completed and fully operational.

Khazanah said in a statement today that it had achieved commercial objectives of its investment in the consortium.

“In accordance with the consortium’s shareholders agreement, our 40 per cent stake was offered to the existing partners. Malakoff Corp Bhd subsequently took the offer, which allowed Khazanah to exit with a healthy profit at a value based on future cash flows of the project.”

Khazanah had entered into a joint investment with Malakoff and Tenaga Nasional Bhd (TNB) in 2005, to support Malaysia’s entry into Saudi Arabia’s independent water and power producer market.

Malakoff chief executive officer Datuk Ahmad Fuaad Kenali had reportedly said the stake purchase was earnings accretive, thanks to the remaining 10 years of contract under Shuaibah Water & Electricity Co Ltd’s power and water purchase agreement for Shuaibah 3 independent water and power plant.

Khazanah said it assesses all opportunities for divestment against set financial and strategic targets. Assets may be considered for divestment once the intended investment objectives and targeted returns have been achieved.

it said the proceeds from the stake divestment in the consortium, like all other divestments by it, were reinvested or used to repay existing debts on its balance sheet.

Year to date, Khazanah has committed RM1.4 billion in investments and reduced overall debt by RM6.4 billion.

"We expect to undertake more investments in the second half of 2019, based on the opportunities that we are exploring. Divestments may also depend on the strength of the market, as well as the availability, quality and credibility of buyers,” the sovereign wealth fund added.
https://www.nst.com.my/business/2019...udis-utilities
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Old July 15th, 2019, 08:33 PM   #6
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Quote:
Subsidiaries:
  • CIMB Group
  • Telekom Malaysia
  • Axiata Group
  • Astro Malaysia Holdings
  • Tenaga Nasional
  • TIME dotCom
  • Malaysia Airports
  • IHH Healthcare
  • Malaysia Airlines
  • UEM Group
Khazanah says exited TNB, Malakoff consortium with a healthy profit
Chong Jin Hun July 15, 2019 18:11 pm +08
Quote:
KUALA LUMPUR (July 15): Khazanah Nasional Bhd clarified today that it divested its 40% stake in Malaysian Shoaiba Consortium Sdn Bhd for a "healthy profit", as the project was completed and fully operational and after Khazanah achieved its commercial objectives of its investment in the consortium.

Malaysian sovereign wealth fund Khazanah said in a statement today that it entered into a joint investment in 2005 with Malakoff Corp Bhd and Tenaga Nasional Bhd via the consortium, to support Malaysia’s entry into Saudi Arabia’s independent water and power producer market.

"In accordance with the consortium’s shareholders agreement, our 40% stake was offered to the existing partners. Malakoff subsequently took the offer, which allowed Khazanah to exit with a healthy profit at a value based on future cash flows of the project.

"Khazanah assesses all opportunities for divestment against set financial and strategic targets. Assets may be considered for divestment once the intended investment objectives and targeted returns have been achieved, as is the case with the divestment of our stake in the consortium. Divestments may also depend on the strength of the market, as well as the availability, quality and credibility of buyers," Khazanah said.

Khazanah said today that its clarification is in response to various reports on the divestment of its 40% stake in Malaysian Shoaiba.

According to Khazanah, under its refreshed mandate, it operates on a two-fund model comprising a commercial fund and a strategic fund.

"In general, our commercial fund is focused on creating a global portfolio that diversifies our assets and income for the country’s benefit. Our strategic fund focuses on strategic domestic investments, particularly in infrastructure.

"The proceeds from the divestment of our stake in the consortium, like all other divestments by Khazanah, are reinvested based on the objectives of the two funds, or are used to repay existing debts on our balance sheet.

"For the year to date, Khazanah has committed investments amounting to approximately RM1.4 billion and reduced overall debt by approximately RM6.4 billion, in line with our corporate strategies. We further expect to undertake more investments in the second half of 2019, based on the opportunities that we are exploring," Khazanah said.
https://www.theedgemarkets.com/artic...healthy-profit
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Old July 18th, 2019, 10:52 AM   #7
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Khazanah raises US$500m via bonds convertible for 3.45% of CIMB
The Edge Financial Daily July 18, 2019 10:23 am +08
Quote:
KUALA LUMPUR: Khazanah Nasional Bhd clarified yesterday it did not sell a 3.45% stake in CIMB Group Holdings Bhd, but that the shares were transferred in relation to exchangeable bonds issued recently.

Khazanah’s statement followed CIMB amending its announcement to Bursa Malaysia dated Tuesday, which originally stated that Khazanah disposed of the 335.7 million shares representing a 3.45% stake in the banking group last Friday, to say that the shares had been transferred pursuant to the securities lending agreement.

“The shares were transferred pursuant to securities lending agreements that Khazanah had entered into with CGS-CIMB Securities Sdn Bhd, Credit Suisse Securities (Europe) Ltd and JP Morgan Securities plc respectively, in relation to exchangeable bonds issued recently,” read the statement.

The fund added that the issuance of exchangeable bonds is part of Khazanah’s regular financing activity, and it has issued 10 exchangeable bonds since 2004.

“The exchangeable bonds will not have a dilutive effect on CIMB’s earnings per share,” added Khazanah, which is CIMB’s largest shareholder with a 23.54% direct stake.

However, Khazanah did not reveal the detail of the exchangeable bonds issued, including the sum raised and conversion ratio in yesterday’s statement.

According to Bloomberg, the debt papers are convertible to CIMB shares that are currently held by Khazanah at the conversion price of RM6.14 or US$1.489 (for US$500 million). The five-year bonds mature on Aug 8, 2024 with zero coupon rate.

It is not known the reason for the bond issue as at press time.

On the share transfer, the original filing with Bursa on Tuesday stated that the block of shares was transacted as a disposal. The filing has caused confusion in the market that Khazanah has trimmed its shareholding in CIMB, given that the government-linked entity has made known that it is on an asset divestment trail, and the banking group is one of its investments that it intends to unlock value.

CIMB’s share price has been hovering between RM5 and RM5.50 in the past three months. The banking stock has dropped nearly 10% or 56 sen year to date, trading at a price-to-book value of 0.9 times.
https://www.theedgemarkets.com/artic...tible-345-cimb
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Old July 31st, 2019, 08:49 PM   #8
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M+S to divest office, retail space at Duo to Allianz and Gaw Capital for S$1.575 billion
By NST Business - July 30, 2019 @ 5:50pm
Quote:
KUALA LUMPUR: Property developer M+S Pte Ltd (M+S), 60:40 owned by Khazanah Nasional Bhd and Temasek Holdings Private Ltd respectively, has agreed to sell its wholly-owned Ophir-Rochor Commercial Pte Ltd (ORC) and real estate private equity firm Gaw Capital Partners to Allianz Real Estate for S$1.575 billion.

ORC is the developer and owner of Duo Tower and Duo Galleria, while Capitaland Ltd and UEM Sunrise Bhd's subsidiary UEM Land Holdings are project managers.

The offer was received through an expression-of-interest process conducted by property consultant JLL.

The office and retail portion of Duo, a mixed-use development, also includes Duo Residences and the Andaz Singapore hotel.

M+S chief executive officer Kemmy Tan said with the office and retail assets performing well beyond expectations, the proposed S$1.575 billion at a record price for this area had presented the opportunity to maximise returns to its shareholders.

"As we continue to own the hotel Andaz Singapore, we look forward to working alongside the powerful combination of Allianz Real Estate and Gaw Capital Partners, who have impressive global track records in real estate management and development, to further reinforce Duo as an attractive place for global business and travelers.

"We continue to see tremendous growth opportunity for our Andaz Singapore, especially as Bugis continues its transformation journey as a vibrant, eclectic, and complementary leisure and business district to the existing CBD. M+S will continue to own and manage Andaz Singapore and the Marina One assets to the optimal level for our shareholders," Tan said in a statement.

The Duo development is situated in the Ophir-Rochor corridor in Singapore, next to the heritage district Kampong Glam, and was designed by acclaimed architect Ole Scheeren.

Duo Tower consists of 20 floors of prime Grade-A office space occupied by prestigious MNCs and leading local companies, while Duo Galleria is a retail mall that connects directly to Bugis MRT station, an interchange for the Downtown line and East West line.

The proposed transaction does not include Andaz Singapore, the five-star luxury lifestyle hotel by Hyatt that occupies the top 15 floors of Duo Tower.

M+S continues to own Andaz Singapore as well as Marina One, the newest and largest integrated mixed-use development in the heart of Marina Bay.

Gaw Capital Partners president and managing principal Kenneth Gaw said the transaction with Allianz Real Estate marked a great step forward in its partnership with the group.

He added that DUO had enormous potential given its good location and connectivity and marks an important milestone for Gaw Capital in the Singapore real estate market.

"After our acquisition of the 77 Robinson Road building in January, this deal marks our second major office transaction in Singapore in 2019 and signifies our continued optimism towards the office market here.

"We are very excited about the opportunity to acquire this well managed and iconic commercial asset. M+S has done a fantastic job developing the DUO office and hotel complex and has successfully leased the building to a full roster of world class tenants.

He said as M+S continued to hold the hotel portion of the complex, Gaw Capital Partners would enhance the asset and ride on the continued growth of the Bugis area as a new leisure and business district.

Allianz Real Estate Asia-Pacific chief executive officer Rushabh Desai said Duo provides live-work-play environment and is poised to establish itself as one of Singapore's major business hubs.

"It will be an excellent addition to our global 24x7 cities office portfolio” he said.
https://www.nst.com.my/business/2019...-s1575-billion
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Old July 31st, 2019, 09:00 PM   #9
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Khazanah’s 60%-owned Singapore unit sells properties for RM4.7b
Chester Tay July 30, 2019 00:00 am +08
Quote:
KUALA LUMPUR (July 29): M+S Pte Ltd, a 60:40 joint venture between Khazanah Nasional Bhd and Singapore's Temasek, is disposing of its entire stake in Ophir-Rochor Commercial Pte Ltd (ORC) for S$1.575 billion (RM4.74 billion) or S$2,570 per sq ft of net lettable area to Allianz Real Estate and Hong Kong private equity property firm Gaw Capital Partners.

M+S CEO Kemmy Tan said the proposed transaction price is at a record, which has presented the opportunity to maximise returns for its two shareholders.

ORC is the developer and owner of Duo Tower and Duo Galleria, the office and retail portion of the Duo development in Singapore.

However, the proposed transaction does not include the 5-star Andaz Singapore by Hyatt that occupies the top 15 floors of Duo Tower. M+S continues to own Andaz Singapore, as well as Marina One — a mixed-use development in Marina Bay.

“We continue to see tremendous growth opportunity for our Andaz Singapore, especially as Bugis, continues its transformation journey as a vibrant, eclectic, and complementary leisure and business district to the existing central business district," Tan said in a statement today.

M+S said the offer was received through an expression-of-interest process conducted by property consultant JLL.

The company added that Allianz Real Estate is acting on behalf of several Allianz group of companies, while Gaw Capital Partners is acting on behalf of a sovereign wealth fund.

Allianz Real Estate CEO for Asia-Pacific Rushabh Desai said Duo will be an addition to the group's global 24x7 cities office portfolio.

"After our acquisition of the 77 Robinson Road building in January, this deal marks our second major office transaction in Singapore in 2019, and signifies our continued optimism towards the office market here,” said Gaw Capital Partners president and managing principal Kenneth Gaw.

M+S was set up on June 27, 2011 to develop Marina One and Duo.
https://www.theedgemarkets.com/artic...operties-rm47b
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Originally Posted by nazrey View Post
DUO Singapore
Developer: UEM Sunrise (Khazanah Nasional Bhd and Temasek Holdings)



DUO Architectural Complex, Singapore by Michele Moroni, on Flickr



Day photowalk in Singapore, Arab Street by Michele Moroni, on Flickr
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Old September 21st, 2019, 11:32 AM   #10
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Khazanah to sell assets that are 'not useful' — Tun Mahathir
Bernama September 21, 2019 00:06 am +08
Quote:
KUALA LUMPUR (Sept 20): Khazanah Nasional Bhd will sell assets that are “not useful to us” to raise funds to pay off the country's debts, said Prime Minister Tun Dr Mahathir Mohamad.

However, no decision had been made yet for Khazanah to dispose of its entire assets, he said.

"No, they are just studying whether they should (sell) or should not, but no decision has been made," he told reporters after launching the Heritage and National Culture Charter here today.

He said those assets that were not worth keeping would be sold in order to raise funds to pay debts left by the previous government.

"Remember that the previous government borrowed more than $1 trillion and that is a burden to us. They borrowed and the money was not invested. It’s hidden.

"If the money was invested, we (would be able to) go back to the related companies and get back the money, but we don’t know where the money is," he explained.

The Prime Minister said Khazanah was originally set up to purchase shares which were allocated to the Bumiputeras but it had gone beyond that.

“That is not the original mandate for Khazanah but now we are trying to go back to the original objective," he added.

Dr Mahathir said at the moment the Government had to pay debts left by former Prime Minister Datuk Seri Najib Tun Razak from taxes or by selling assets.

"That is the burden left by Najib and now of course he talks a lot. But, all these things were carried out, including buying the ships from China. It’s not our decision. It's stupid, but, he is referring to himself, because he was the one who bought it, not me,” he added.

It was reported that Najib had earlier criticised the Pakatan Harapan Government on its decision to dispose of assets by Khazanah, including selling the Prince Court Medical Centre.
https://www.theedgemarkets.com/artic...4-tun-mahathir
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Old September 25th, 2019, 03:11 PM   #11
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Khazanah Nasional's unit Cenergi secures RM100m loan for biogas-to-energy projects
By Bernama - September 24, 2019 @ 10:08pm
Quote:
SHAH ALAM: Cenergi SEA Sdn Bhd, through wholly-owned subsidiary Cenergi RE Sdn Bhd, has secured up to RM100 million Green Club Facility from MIDF Amanah Investment Bank Bhd and China Construction Bank (M) Bhd to finance its biogas-to-energy (BTE) projects.

Group chief executive officer Ernest Navaratnam said the projects included nine additional BTE plants in Perak, Negeri Sembilan and Pahang.

“The fresh injection also means we are able to expedite our expansion strategy,” he told reporters after the tripartite agreement signing ceremony for the facility here today.

The signing was held in conjunction with the International Conference and Exhibition on Wastes Management organised by the Environmental Management and Research Association of Malaysia in partnership with the Selangor state government and Cenergi SEA.

A unit under the government’s strategic investment fund Khazanah Nasional Bhd, Cenergi SEA is also one of the largest grid-connected palm oil mill effluent biogas players in Malaysia.

Cenergi RE currently owns and operates seven biogas plants that together generate 8.6 MW of power.

Navaratnam said the additional nine BTE plants would generate 1.5 MW per plant on average.

As of July 2019, Cenergi RE has generated a total of 135,090 MWh of renewable energy to the national grid and has avoided 134,930 tonnes of carbon dioxide.

According to Navaratnam, the Green Club Facility would help the company to meet its biogas financing needs and increase its contribution to the government’s green energy goal of generating 20 per cent of the country’s energy from renewable sources.

“Out of the 20 per cent goal, we aspire to generate 10 per cent of it by 2025,” he said.– BERNAMA
https://www.nst.com.my/business/2019...nergy-projects
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Old October 6th, 2019, 12:41 PM   #12
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Khazanah Nasional's debt reduced to RM47 bil
Bernama October 04, 2019 23:45 pm +08
Quote:
KUALA LUMPUR (Oct 4): Khazanah Nasional Bhd has managed to reduce its debt burden from RM55 billion to RM47 billion in one year through asset and investment sales, its managing director, Datuk Shahril Ridza Redzuan said.

He said the country's sovereign wealth fund also managed to generate RM9 billion in revenue during the same period and is expected to recover and able to generate RM5 billion in potential revenue this year.

“Although the value of our assets is still at RM130 billion, our debt has dropped by RM10 billion, so in terms of our net assets or our net balance sheet, it has been stronger," he said in an interview on RTM tonight.

Shahril also said that the process of selling assets was also seen as being able to restructure existing assets to be more sustainable and with lower risk.

“From our projection, Khazanah can and should have a debt of around RM35 billion because by using a combination of debt and equity from our Government, we can maximise our income.

“As with other companies, if they want to buy assets they will not buy the assets with equity alone, they will buy the equity together with the debt," he said, adding that the sale of assets is a business strategy, and the people need not have to worry about it.

“If we were to look in terms of the public viewpoint they may be mistaken. They may think we are merely selling. But on the other hand, when we sell the assets and we generate money or new funds from the sales.

“The funds will be used for two things, one of which is reinvested in new assets to generate profits for Khazanah and the Government,” he added.

Shahril said Khazanah used the funds to reduce the debt and generate returns on assets purchased, while increasing Government revenue through dividend yields.

For 2018, Khazanah recorded a pre-tax loss of RM6.271 billion compared to a pre-tax profit of RM2.896 billion the previous year.

The profits were affected by slightly higher disposals compared to that of previous years, lower dividend income and higher depreciation provision, as it went through the transition process, which also coincided with market volatility.

Khazanah declared a dividend of RM1.5 billion for 2018.

The Pakatan Harapan Government last year initiated the restructuring and reorganisation of Khazanah which constituted a change of leadership in its board and management, as well as the introduction of new mandates and objectives.
https://www.theedgemarkets.com/artic...duced-rm47-bil
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Old October 6th, 2019, 01:22 PM   #13
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Khazanah Research: Care sector needs recognition as an industry in its own right
Arjuna Chandran Shankar & Wong Swee May October 03, 2019 13:57 pm +08


Quote:
KUALA LUMPUR (Oct 3): Khazanah Research Institute (KRI) said today higher Malaysian government investment in the care sector may generate as much as 0.4% of the nation's annual real gross domestic product growth due to the creation of more jobs in an industry, which could foster greater female labour force participation.

KRI deputy director of research Christopher Choong Weng Wai said that according to KRI's simulations, higher government investment in the care sector could lead to female labour force participation increasing to 63% within five years from now.

Choong, who was speaking at a press conference here today, said that in addition, some 16,000 jobs can be created within the childcare industry as a result of higher investment in the care sector.

As such, the government needs to see the care sector as an industry in its own right, he said.

Talent Corp Malaysia Bhd's website, citing data from the Statistics Department, indicates that the country's female labour force participation rate in 2018 stood at 55.2% comprising six million out of 10.8 million working age females during the year.

At the KRI press conference today, Choong said care work is becoming an urgent issue as the country's life expectancy is increasing while fertility rate is declining below the rate of replacement.

"The sheer scale of unpaid care also worsens gender inequalities both in the workplace and the household, since women bear most of the burden of care.

"Moreover, current measures of poverty and inequality do not factor in unpaid care, so we do not have a true picture of household living standards.

"I think, from my own point of view, is that I felt that the whole conversation about gender inequalities will point to the issue of care as one of the reasons why we cannot advance or reduce one of these gaps in the labour market. So we really wanted to find some method which allows us to analyse in a more systematic way what is happening [in the care sector]," Choong said.
https://www.theedgemarkets.com/artic...-its-own-right
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Old October 9th, 2019, 01:45 PM   #14
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Malaysia's Khazanah aims for record US$1.2b profit after first loss in a decade
By Reuters - October 8, 2019 @ 1:36pm



Khazanah Nasional Bhd managing director, Shahril Ridza Ridzuan (centre) said the sovereign wealth fund is targeting a record pre-tax profit of least RM5 billion (or US$1.2 billion) this year, after posting its first loss in a decade in 2018. NSTP photo by Nurul Syazana Rose Razman
Quote:
KUALA LUMPUR: Malaysia’s sovereign wealth fund Khazanah Nasional Bhd said on Monday it is targeting a record pretax profit of least RM5 billion (US$1.2 billion) this year after posting its first loss in a decade in 2018.

“For this year, we hope to achieve profitability of at least RM5 billion,” Shahril Ridza Ridzuan, Khazanah’s managing director, said in brief comments to reporters at the fund’s annual conference on Monday.

Shahril did not elaborate on the reasons for the stronger outlook.

Last year Khazanah swung to a pretax loss of RM6.3 billion from a profit of RM2.9 billion in 2017, hit by higher impairments and lower dividend income.

Shahril also said the fund was on track to achieve this year’s target of cutting debt to RM47-RM48 billion from RM50 billion.

He added that over the 3-5 years, the fund is aiming to reduce debt to RM40 billion.

Khazanah is the majority shareholder of several government-linked companies including state utility Tenaga Nasional Bhd, banking group CIMB Group Holdings Bhd Malaysia Airports Holdings Bhd and Telekom Malaysia Bhd.

Khazanah said in March the realisable asset value of its portfolio fell to RM136 billion in 2018 from RM157 billion a year prior. -- Reuters
https://www.nst.com.my/business/2019...st-loss-decade
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Old October 9th, 2019, 01:47 PM   #15
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Khazanah Nasional’s debt reduced to RM47b, says managing director
Friday, 04 Oct 2019 09:31 PM MYT
Quote:
KUALA LUMPUR, Oct 4 — Khazanah Nasional Bhd has managed to reduce its debt burden from RM55 billion to RM47 billion in one year through asset and investment sales, its managing director, Datuk Shahril Ridza Ridzuan said.

He said the country’s sovereign wealth fund also managed to generate RM9 billion in revenue during the same period and is expected to recover and able to generate RM5 billion in potential revenue this year.

“Although the value of our assets is still at RM130 billion, our debt has dropped by RM10 billion, so in terms of our net assets or our net balance sheet, it has been stronger,” he said in an interview on RTM tonight.

Shahril also said that the process of selling assets was also seen as being able to restructure existing assets to be more sustainable and low risk.

“From our projection, Khazanah can and should have a debt of around RM35 billion because by using a combination of debt and equity from our government, we can maximise our income.

“As with other companies, if they want to buy assets they will not buy the assets with equity alone, they will buy the equity together with the debt,” he said, adding that the sale of assets is a business strategy, and the people need not have to worry about it.

“If we were to look in terms of the public viewpoint they may be mistaken. They may think we are merely selling. But on the other hand, when we sell the assets and we generate money or new funds from the sales.

“The funds will be used for two things, one of which is reinvested in new assets to generate profits for Khazanah and the government,” he added.

Shahril said Khazanah used the funds to reduce the debt and generate returns on assets purchased, while increasing government revenue through dividend yields.

For 2018, Khazanah recorded a pre-tax loss of RM6.271 billion compared to a pre-tax profit of RM2.896 billion the previous year.

The profits were affected by slightly higher disposals compared to that of previous years, lower dividend income and higher depreciation provision, as it went through the transition process, which also coincided with market volatility.

Khazanah declared a dividend of RM1.5 billion for 2018.

The Pakatan Harapan government last year initiated the restructuring and reorganisation of Khazanah which constituted a change of leadership in its board and management, as well as the introduction of new mandates and objectives. — Bernama
https://www.malaymail.com/news/malay...rector/1797306
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Old October 9th, 2019, 01:48 PM   #16
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Khazanah aims to cut debt to RM35 bln-RM40 bln in next 3-5 years: MD
Last update: 07/10/2019


Quote:
KUALA LUMPUR, Oct 7 -- Khazanah Nasional Bhd aims to reduce its debt to between RM35 billion and RM40 billion in the next three to five years from the ongoing asset sales, managing director Datuk Shahril Ridza Ridzuan said.

The country’s sovereign wealth fund targets to cut its debt from RM55 billion to RM47 billion this year.

“This is our medium-term plan to basically focus on a sustainable level of debt, and it is about providing a more sustainable balance sheet for Khazanah for the long term.

“We need to make sure that the debt is correctly positioned to support the assets and activities of Khazanah,” he told reporters at the Khazanah Megatrends Forum 2019 here today.

“We have two goals for this year, the first is to improve our portfolio through the process of selling assets without a long-term future for us, and we will reinvest the money generated in new assets.

“The second is to improve our balance sheet, that is, to reduce our debt burden,” he explained.

He added that Khazanah is expected to generate RM5 billion in potential revenue this year.

In an interview with RTM last week, he was reported as saying that the company’s asset value stood at RM130 billion.

For 2018, Khazanah recorded a pre-tax loss of RM6.271 billion compared to a pre-tax profit of RM2.896 billion the previous year.

The profits were affected by slightly higher disposals compared to previous years, lower dividend income and higher depreciation provision, as the company went through a transition process which also coincided with market volatility.

Khazanah declared a dividend of RM1.5 billion for 2018.

--BERNAMA
http://www.bernama.com/en/business/news.php?id=1775671
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Old October 9th, 2019, 01:50 PM   #17
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Khazanah's divestment, capital redeployment made in ordinary course of business
Bernama October 09, 2019 15:21 pm +08
Quote:
KUALA LUMPUR (Oct 9): The ongoing transactions undertaken by Khazanah Nasional Bhd are in the ordinary course of its business which involves realising investments and then redeploying capital for new investments, said managing director Datuk Shahril Ridza Ridzuan.

Proceeds from the divestments are used to pay off Khazanah’s maturing debt and fund new investments, he said.

Repudiating accusations that the sovereign fund is selling off national assets and accumulating debts, Shahril Ridza said its focus in the near term is on delivering its strategic priorities as agreed by the board of directors.

On criticism that the Khazanah sales were ill-timed as the value of the assets had yet to be realised, he reiterated that the decision whether to divest or not is made after its investment targets are met.

“These are always made on a commercial basis. This means we will consider whether it would be better to hold the assets in anticipation of future dividends and increase in value or to sell and use the proceeds to make new investments,” Shahril Ridza said in an email reply to questions from Bernama.

There are also concerns that since it has been announced that the receipts from the assets disposal would be used to pare down the country’s debts, buyers may have the advantage in offering lower prices.

As Malaysia’s sovereign wealth fund, Shahril Ridza said, Khazanah’s main objective is to invest for the purpose of generating long-term financial returns.

“Following that, all opportunities for divestment are assessed on a case-by-case basis against our financial and strategic targets and will depend on the timing and strength of the market and also the availability, quality and credibility of buyers.

“Khazanah will consider credible proposals to acquire our assets from all interested parties as long as the offer meets our investment objectives and the transactions are executed according to market-based best practices to ensure full transparency for all parties,” he said.

In 2019, Khazanah started its process of rebalancing its Commercial Fund — a fund focused on creating a global portfolio that diversifies its assets and income — and anticipating to complete its transition in the next seven to 10 years and achieve a targeted balanced portfolio.

In terms of divestments, this year Khazanah has divested about RM15.9 billion, mostly from the partial reduction of its stake in IHH Healthcare Bhd (RM8 billion), Alibaba Holdings Ltd (RM2 billion) and Tenaga Nasional Bhd (RM1 billion) and full divestments of its stakes in BDO Unibank (RM1.5 billion) and Farfetch.com Ltd (estimated RM771 million).

For investments, Khazanah has entered into a total of about US$200 million (RM840 million) commitments with external investment funds.

On top of these, it had also funded existing assets and previously committed investments.

As of Dec 31, 2018, the realisable asset value of Khazanah’s investment portfolio stood at RM136 billion.

Moving forward, Shahril Ridza said Khazanah would fulfill its role as Malaysia’s sovereign wealth fund by managing two funds — Commercial Fund and Strategic Fund — with specific objectives.

As announced in Khazanah Annual Review 2019, in the near term Khazanah would focus on strengthening the financial position, rebalancing the commercial fund, ensuring the long-term viability of strategic assets, enhancing governance structure and framework, and restructure organisation and enhance capabilities.

It was reported yesterday that Khazanah is targeting a profit of RM5 billion this year and a further reduction of debt to RM40 billion in the medium term.

The sovereign wealth fund managed to pare down its debt from RM55 billion to RM47 billion within a year through asset and investment sales.

Over the last 10 years, Khazanah has sold more than 100 assets worth about RM65 billion.
https://www.theedgemarkets.com/artic...ourse-business
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Old October 10th, 2019, 06:17 PM   #18
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Khazanah divested 84 assets under Najib's rule between 2009 and 2018
Chester Tay October 10, 2019 12:54 pm +08
Quote:
KUALA LUMPUR (Oct 10): During former Prime Minister Datuk Seri Najib Razak's rule, Khazanah Nasional Bhd had divested 84 assets between 2009 and 2018, when he was ousted in the 14th General Election.

Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali told Dewan Rakyat that when Najib became the prime minister in 2009, Khazanah divested eight assets.

"In 2010, he divested seven assets; in 2011, eight assets; in 2012, 10 assets; in 2013, six assets; in 2014, six assets; in 2015, 10 assets; in 2016, nearing to election, he divested 13 assets; in 2017, 12 assets; and in first four months of 2018, Pekan divested four assets," he said during ministerial question time today.

Mohamed Azmin said divestments are ordinary business activities for Khazanah, as an investment fund.

"It is not something extraordinary. Divestments are also often done by other investment funds like KWSP and PNB. Divestments were done every year in the past, whether under the past management, or the new management appointed in December 2018," he said.

Mohamed Azmin said this is because Khazanah does not receive any external fund injection, and proceeds from divestments are the main source of funds for new investments.

"This is different from KWSP and PNB. Other than divestment proceeds, KWSP receives recurring contributions from employees, while PNB receives fund from investors in its unit trust," he said.

Mohamed Azmin said Khazanah will consider an asset divestment once an investment has achieved its financial targets, which are usually measured by profit from the business itself.

"Divestment also depends on the market condition, and the quality and credibility of the purchaser, this principle has been adopted in all divestments," he said.

Between May 2018 and June 2019, Mohamed Azmin said Khazanah has completed divestments amounting to RM18.8 billion, of which RM3.2 billion was from May 2018 to December 2018, and RM15.6 billion between January to June this year.

Mohamed Azmin said Khazanah is expected to register a more resilient financial performance for the financial year ending Dec 31, 2019 (FY19), as a result of the current management's restructuring effort.

"These initiatives include strengthening financial position, through reducing debts. After one year since we took over, Khazanah is successful in reducing debt by about RM8 billion from RM55 billion to RM47 billion, and expected to further reduce it to RM35 billion to RM40 billion in the medium term," he said.

"This is expected to be achieved through divestments done by Khazanah between 2018 and 2019. Part of the proceeds from divestments were utilised for debt repayments, while others were utilised for new investments. For FY19, Khazanah expected to register profit of about RM5 billion, versus loss of RM6.3 billion for FY18," he added.

Mohamed Azmin was responding to a question from Datuk Seri Ahmad Hamzah [BN-Jasin], who asked the government to state the current financial performance of Khazanah and the total disposal of shares, assets and other interests made since the Pakatan Harapan Government took over to date.
https://www.theedgemarkets.com/artic...-2009-and-2018
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